Pierpaolo Piccioli is parting ways with Valentino after eight years as the Roman couture house’s sole creative director, according to a company statement which called the move a “joint decision.”

A new creative configuration will be announced soon, the statement said.

“I am grateful to Pierpaolo for his role as creative director and for his vision, commitment and creativity that have brought the Maison Valentino to what it stands for today,” said Valentino chief executive Jacopo Venturini.

“We extend our deepest gratitude to Pierpaolo for writing an important chapter in the history of the Maison Valentino,” added Rachid Mohamed Rachid, Valentino chairman and chief executive of owner Qatari investment fund Mayhoola, which controls Valentino.

Last year, Kering acquired 30 percent of Valentino for €1.7 billion — implying a valuation north of €5 billion — as part of a broader partnership with Mayhoola. The agreement gave Kering the option to acquire 100 percent of Valentino “no later than 2028.

Stay tuned to BoF for updates on this developing story.